Beşiktaş Football Investments Co. Inc. and IMG Doğuş signed a letter of intent to develop sports, fashion and art projects in Istanbul. It marks the first major initiative undertaken by the IMG Doğuş Joint Venture. IMG Chair and CEO Michael Dolan, representing the IMG Doğuş Joint Venture, and Beşiktaş JK Chair Fikret Orman signed the letter of intent in Istanbul. IMG will provide design and development work of the new stadium. In one of the first projects, IMG Doğuş will assist Beşiktaş in revamping and modernizing its Youth Sports Academy and Close Season Training Camp in Turkey. IMG Doğuş will also manage the sale of all the commercial rights of the club and the club’s stadium in Istanbul. This will include the development of sponsors including naming rights, shirt sponsorship, technical sponsors and official suppliers. IMG Doğuş will also assist Beşiktaş in developing a business plan for the proposed stadium redevelopment project (IMG). HURRIYET DAILY NEWS reported Beşiktaş Chair Fikret Orman said that the "details of the stadium project would be released in due course, but added that the partnership would not be exclusively limited to the stadium." He said, "The main leg of this deal is related to marketing." Financially struggling Beşiktaş sees the renovation of its historic İnönü Stadium as "a key to improving its economic position." The club’s Istanbul rivals Galatasaray and Fenerbahçe have "profited from new and improved stadiums." Galatasaray left its old Ali Sami Yen Stadium to move to a modern Türk Telekom Arena last year, while Fenerbahçe expanded its Şükrü Saracoğlu Stadium in '06 (HURRIYET DAILY NEWS, 10/6).
